March 24, 2016 Market Wrap Up
The market bounced back from earlier lows to close nearly flat today. Of course, it was done relatively low volume, but still a nice recovery to close out the week.
The VIX traded higher for a good portion of the day, however; as the market rallied, the VIX fizzled, closing the day lower at 14.72.
Crude oil has recently come under pressure after a massive spike in prices over the last month. Prices dropped more than 4% yesterday and were weak to start the US trading session, however; they also bounced back to close nearly flat. With that said, they’re still below $40.
On the options front, we saw large call buying activity in Six Flags (SIX). In addition, we saw heavy put buying in Xilinx (XLNX), which was 4.9 times usual options volume.
Stocks in play included: Pandora (P) +15.6%, Office Depot (ODP) +9.3%, and Portola Pharmaceuticals (PTLA) -29%
The markets will be closed for Good Friday tomorrow.
Key Economic Data:
25 March 2016- GDP 8:30 AM ET